Today in Wottakar’s: prices slide but they still want HMV to bid

Although sales at Ottakar’s have been sliding in recent weeks, the bookstore chain still wants a quick answer with regards to whether HMV still wants to take them over, the Guardian reports.

Yesterday’s trading update from Ottakar’s will have done little to persuade HMV to be much more generous in its terms, although it will have to increase its offer if it wants to secure agreement from the Ottakar’s board. Sales for the 16 weeks to May 20 were down by 4%, while the underlying fall was 8%. This was largely unchanged from the 8.1% decline previously reported for the eight weeks to March 25 although Ottakar’s chairman Philip Dunne said: “recent figures suggest that the slow start to the year may be improving”.

And don’t rule out rival bidders, says one financial analyst. “The likes of WH Smith and Borders will be keeping a close eye on proceedings and this should help to keep HMV honest,” said Steve Davies.

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